BOE’s Sentance: UK out of emergency ward; raise rates!

0.5% is an extreme policy setting, BOE hawk Sentance says. The UK economy is coming out of the emergency ward. he says.

After firmer UK inflation data today, it looks as though Sentance is trying to recruit more MPC members to join the hawkish camp.

Cable is firmly back within its old range after bouncing from levels below 1.5000 yesterday. 1.5205 is next resistance for the pound. We trade now at 1.5143.